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Top Executives Pay Gap and Dynamic Capital Structure Adjustment |
SHENG Mingquan,QI Haochen |
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Abstract Based on the balanced panel data of Chinese A-share listed firms from 2007-2012,this paper studies the relationship between top executive’s cash pay gap and the adjustment of captial structure.The empirical results show that top executive’s cash pay gap consistents with the theory of Tournament.The larger cash pay gap will cause faster adjustment speed of capital structure and smaller degree of deviation.The top executives in private enterprise have more sensitive to cash pay gap than state-owned enterprise’s executives.A lower cash pay gap can lead a significant adjustment of capital structure.
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Received: 02 July 2014
Published: 15 December 2014
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Corresponding Authors:
SHENG Mingquan
E-mail: shengmq@163.com
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